A closed shop is an organization where workers are required to be members of a union before they can be hired. Due to legislation, closed shops are largely illegal.
A union shop is a type of workplace in which all employees must be members of a union. However, nonunion members may work provided they agree to join the union after a specified period.
Discover comprehensive accounting definitions and practical insights. Empowering students and professionals with clear and concise explanations for a better understanding of financial terms.